Bank of Maharashtra (BoM) in 2026: Inside the Pune-Born Bank That Is Quietly Outperforming Its Peers
If you ask the average urban Indian to name the country’s top-performing public sector banks, you will usually hear State Bank of India first, then maybe Bank of Baroda or Punjab National Bank. Bank of Maharashtra — often called Mahabank by its customers — rarely makes that list. Yet for the last three financial years, this Pune-headquartered PSU bank has been one of the most consistent, fastest-growing and most profitable public sector lenders in India by every important measure that matters.
In FY26, Bank of Maharashtra grew its total business by 17.47% year-on-year to ₹6.42 lakh crore, lifted net profit by 27.17% to ₹7,019 crore, crossed the 50% CASA ratio mark, and reported a Gross NPA of just 1.45% — among the cleanest balance sheets in the entire Indian PSU bank universe. This long-form guide walks you through everything that matters about BoM today: its 90-year heritage, current leadership, products, financials, share price, and the day-to-day customer experience for the roughly 28 million customers it serves.
Bank of Maharashtra at a Glance (2026)
Before diving deeper, here is the no-fluff snapshot drawn straight from BoM’s board-approved Q4 FY26 disclosures dated 20 April 2026.
| Parameter | Latest Figure (FY26) |
|---|---|
| Founded | 16 September 1935 |
| Commenced Operations | 8 February 1936 |
| Founders | Vasudev Govind Kale, Damodar Vinayak Potdar and others |
| Nationalised | 15 April 1969 |
| Registered Office | ‘Lokmangal’, 1501, Shivaji Nagar, Pune |
| Tagline | ‘One Family, One Bank’ |
| MD & CEO | Shri Nidhu Saxena |
| Total Business (FY26) | ₹6,42,531 crore (up 17.47% YoY) |
| Total Deposits (FY26) | ₹3,50,564 crore (up 14.14% YoY) |
| Gross Advances (FY26) | ₹2,91,967 crore (up 21.74% YoY) |
| Net Profit FY26 | ₹7,019 crore (up 27.17% YoY) |
| Net Profit Q4 FY26 | ₹2,014 crore (up 34.89% YoY) |
| Return on Assets (FY26) | 1.86% |
| Return on Equity (FY26) | 23.19% |
| Gross NPA Ratio | 1.45% |
| Net NPA Ratio | 0.13% |
| Provision Coverage Ratio | 98.59% |
| Capital Adequacy Ratio (CRAR) | 18.36% |
The Origin Story: From a Pune Vision to a National Public Sector Bank
Bank of Maharashtra’s story begins in Pune in the mid-1930s — a period when the freedom movement was at its peak and Indian-led financial institutions were a quiet act of nationalism. The bank was registered on 16 September 1935 under the Indian Companies Act, by a small group of Maharashtrian entrepreneurs led by Vasudev Govind Kale and Damodar Vinayak Potdar. They envisioned a bank that would primarily serve the people of Maharashtra, particularly small traders, farmers, and middle-class professionals who often struggled to access institutional credit.
Operations commenced on 8 February 1936 with a paid-up capital of ₹10 lakh — a meaningful sum for that era. The bank’s first branch opened in Pune, soon followed by branches in Mumbai, Nagpur, Solapur and other Maharashtra cities. By the late 1940s, BoM had become the largest scheduled commercial bank in Maharashtra by deposit base, an achievement that gave it the brand identity it still carries today: Mahabank, the bank of Maharashtra.
Key Milestones Across 90 Years
• 1935: Bank of Maharashtra incorporated on 16 September in Pune.
• 1936: Commenced operations on 8 February with its first branch in Pune.
• 1944: Crosses 25 branches across western India.
• 1969: Nationalised on 15 April as part of the first wave of bank nationalisations — though notably this was 3 months before the broader 19 July 1969 nationalisation of 14 banks, since BoM was nationalised separately.
• 1974: Crosses 500 branches across India.
• 1981: Establishes Maharashtra Executor and Trustee Company (METCO) as its subsidiary.
• 1996: Touches 1,000 branches milestone.
• 2004: Lists on the Bombay Stock Exchange and National Stock Exchange through an Initial Public Offering.
• 2017-2018: Goes through the Prompt Corrective Action (PCA) framework imposed by RBI due to high NPAs.
• 2019: Exits the RBI’s PCA framework after a comprehensive balance sheet clean-up.
• 2022-2023: Posts strong recovery in profitability under MD & CEO A.S. Rajeev, with record Q4FY23 net profit of ₹840 crore (up 136% YoY).
• 2024-2025: Under new MD & CEO Nidhu Saxena, the bank doubles down on growth, asset quality and CASA mobilisation.
• FY26: Records highest-ever annual net profit of ₹7,019 crore, crosses ₹6.42 lakh crore total business and the 50% CASA ratio mark.
Ownership, Leadership and Governance
The Government of India is the majority shareholder of Bank of Maharashtra, with a stake of roughly 79.6% as of recent disclosures. The remaining shareholding is split across mutual funds, foreign institutional investors, insurance companies and retail investors. The bank is listed on both the BSE (under code 532525) and the NSE (under ticker MAHABANK). Its registered office is at ‘Lokmangal’, 1501, Shivaji Nagar, Pune — a building that has been the bank’s nerve centre since the late 1960s.
Current Leadership
• Shri Nidhu Saxena — Managing Director & CEO. A seasoned public sector banker, Saxena has presided over the strongest financial performance in BoM’s 90-year history. Under his leadership, the bank has consistently beaten its own annual guidance on profitability, deposits and asset quality. He is widely regarded by analysts as one of the most data-driven PSU bank CEOs of his generation.
• Shri Asheesh Pandey — Executive Director. Leads multiple operational verticals including retail banking and corporate credit.
• Shri Rohit Rishi — Executive Director.
• Shri Sushanta Kumar Mohanty — recently joined as Executive Director, as confirmed during the Q4 FY26 earnings call.
• Shri V. P. Srivastav — Chief Financial Officer.
The board of directors follows the standard PSU bank governance model, with Government of India nominees, an RBI nominee, shareholder directors and independent directors. The bank publishes detailed corporate governance reports and earnings transcripts, making it one of the more transparent PSU lenders for retail investors to track.
The Footprint: A Pan-India Network with Maharashtra at Its Core
Bank of Maharashtra operates a network of over 2,600 branches across India, supported by an extensive ATM, BNA, Cash Recycler and Business Correspondent infrastructure. While the bank’s brand recall is strongest in Maharashtra — where it operates nearly 60% of its branches and is often the default bank for state government salary, pension and tax-collection mandates — its presence has steadily expanded across every state and union territory.
Important strategic facts about the BoM network:
• Branch presence in every state and union territory of India.
• Strong concentration in Maharashtra, especially Pune, Mumbai, Nagpur, Solapur, Aurangabad and Kolhapur.
• Significant rural and semi-urban presence — about 50% of branches are in rural and semi-urban areas, reflecting the bank’s financial inclusion mandate.
• BoM is among the top-three banks for state government banking in Maharashtra.
• Specialised verticals include MSME City Centres, Mid-Corporate Branches, Retail Asset Centres and Treasury Branch.
• Unlike most large PSU banks, BoM does not operate a wide international branch network — its overseas footprint is limited compared to SBI, BoB or Bank of India.
The Complete Bank of Maharashtra Product Universe
Savings Accounts
• Maha Bank Savings Account — the standard retail product.
• Mahabank Lokmanya Savings Account — basic everyday savings account.
• Mahabank Yuva Yojana — savings product for young adults aged 18-30.
• Mahabank Junior Savings — for minors with parental supervision.
• Mahabank Mahila Saving Bank Account — focused on women customers.
• Mahabank Senior Citizen Savings Account — concessional charges and higher FD rates for those 60+.
• Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts.
• Basic Savings Bank Deposit Account (BSBDA) — zero balance, RBI-mandated for financial inclusion.
• Salary accounts for government employees, defence personnel and corporate tie-ups.
• NRI accounts — NRE, NRO and FCNR variants.
Current Accounts
BoM offers a layered range of current account products — Mahabank Vyavasaya Lakshmi, Mahabank Vyapari Suvidha, Mahabank Premium Current, and standard Maha Current Account — calibrated for different transaction volumes and minimum balance requirements. Specialised accounts cater to traders, exporters, MSMEs, and corporate clients.
Fixed Deposits, Term Deposits and Recurring Deposits
• Standard Fixed Deposits with tenures from 7 days to 10 years.
• Mahabank Lok Bachat Yojana tax-saver FDs with a 5-year lock-in under Section 80C.
• Mahabank Senior Citizen FD — additional 0.50% interest per annum for those 60+.
• Mahabank Super Senior Citizen FD — an additional premium on top of senior citizen rates for those aged 80+.
• Maha Cash Certificate (MCC) — popular reinvestment plan with quarterly compounding.
• Maha Dhanvarsha Recurring Deposit — flexi RD with tenures from 6 months to 10 years.
• Maha Mangal Karyakari Yojana for marriage-related savings goals.
• Festival and limited-period special FDs typically launched during Q3 and Q4.
Retail Loans
• Maha Super Housing Loan Scheme — purchase, construction, plot-purchase-plus-construction, renovation, balance transfer. Tenures up to 30 years.
• Mahabank Top-Up Housing Loan for existing home loan customers.
• Mahabank Personal Loan — for salaried customers in government, PSU, defence and reputed institutions.
• Maha Vahan Loan — for new and used cars, two-wheelers and commercial vehicles. Up to 90% financing on on-road price.
• Maha Vidya Loan — education loan including the Vidya Lakshmi-linked products.
• Maha Gold Loan — quick disbursal against gold ornaments.
• Maha Mortgage Loan — loan against residential, commercial or industrial property.
• Maha Reverse Mortgage Loan for senior citizens.
• Maha Pension Loan for retired customers.
MSME, Agriculture and Corporate Banking
• Maha MSME working capital, cash credit and term loans.
• MUDRA loans across Shishu, Kishore and Tarun categories.
• Stand-Up India scheme loans for SC/ST and women entrepreneurs.
• Maha Kisan Credit Card (KCC) for crop loans and allied agriculture financing.
• Maha Dairy / Poultry / Horticulture / Fishery / Farm Mechanisation loans.
• Self-Help Group (SHG) linkage finance, particularly in rural Maharashtra.
• Large corporate term loans, working capital, infrastructure finance and project finance.
• Trade finance, forex services, supply chain finance and bill discounting.
Credit Cards, Debit Cards and Insurance Distribution
• Mahabank Credit Cards in association with RuPay, Visa and MasterCard networks.
• BoM RuPay Select Credit Card — entry-level lifestyle card.
• BoM RuPay Platinum Credit Card — premium tier.
• Co-branded credit card variants targeted at government salary segments and select corporate tie-ups.
• RuPay, Visa and MasterCard Debit Cards — Classic, Platinum, Premium and Select variants.
• Bancassurance distribution of life insurance through SBI Life and LIC (under approved bancassurance agreements).
• General insurance distribution through United India, New India Assurance and select private partners.
• Mutual fund distribution under approved AMFI tie-ups.
Digital Banking, MahaMobile and Smart Customer Service
Bank of Maharashtra has invested heavily in digital banking in recent years. The bank’s mobile banking app, MahaMobile Plus, supports a full range of services — account opening via Video KYC, fund transfers, FD/RD booking, loan application, credit card management, bill payments, and standing instructions.
• MahaMobile Plus — flagship mobile banking app for Android and iOS.
• MahaSecure — internet banking soft token for high-security authentication.
• Maha Internet Banking — full-featured net banking portal for retail and corporate clients.
• BHIM Mahabank UPI app — for direct UPI transactions on the bank’s own platform.
• Integration with third-party UPI apps — BHIM, Google Pay, PhonePe, Paytm and Amazon Pay.
• Mahabank WhatsApp Banking — balance enquiry, mini-statement and select services through a secure WhatsApp channel.
• Mahabank Chatbot ‘Maha Vakya’ — AI-led customer service for common queries.
• AEPS, Micro ATMs and Bunch Note Acceptors (BNA) extend reach to rural and semi-urban areas.
• Bharat Bill Payment System (BBPS) integration for utility and EMI repayments.
Bank of Maharashtra Financial Performance (FY26 Highlights)
FY26 was BoM’s strongest year ever. The board approved the results on 20 April 2026 — making the bank the first PSU lender to report Q4 numbers for the financial year. The numbers tell a clear story of high-quality growth, healthy profitability and one of the cleanest asset quality profiles in Indian banking.
Q4 FY26 (Quarter Ended 31 March 2026)
• Net profit: ₹2,014 crore — up 34.89% YoY and 13.19% QoQ.
• Operating profit: ₹2,946 crore — up 16.92% YoY.
• Net Interest Income (NII): ₹3,702 crore — up 18.81% YoY and 8.19% QoQ.
• Net Revenues (NII + other income): ₹4,640 crore — up 13.26% YoY.
• Cost-to-Income Ratio: 36.51% — improved from 38.50% in Q4 FY25.
• Return on Assets (RoA): 1.97% for Q4 FY26 — among the highest in Indian banking.
Full Year FY26
• Net profit: ₹7,019 crore — up 27.17% YoY (vs ₹5,520 crore in FY25).
• Operating profit: ₹10,826 crore — up 16.41% YoY.
• Net Interest Income: ₹13,664 crore — up 17.13% YoY.
• Fee-based income: ₹1,862 crore — up 6.97% YoY.
• Cost-to-Income Ratio: 37.08% — improved from 38.37% in FY25.
• Return on Assets: 1.86% (vs 1.75% in FY25).
• Return on Equity: 23.19% — one of the highest among all Indian banks.
Business Growth
• Total business: ₹6,42,531 crore — up 17.47% YoY.
• Total deposits: ₹3,50,564 crore — up 14.14% YoY.
• Gross advances: ₹2,91,967 crore — up 21.74% YoY.
• CASA ratio crossed the 50% mark — meaning more than half of the bank’s deposits are low-cost current and savings accounts, a major margin advantage.
Asset Quality and Capital
• Gross NPA: 1.45% as of 31 March 2026 — down from 1.74% a year ago. Among the lowest in Indian banking.
• Net NPA: 0.13% as of 31 March 2026 — down from 0.18% a year ago. Industry-leading.
• Provision Coverage Ratio: 98.59% — extremely robust buffer.
• Capital Adequacy Ratio (CRAR): 18.36% — well above regulatory minimums.
• Common Equity Tier 1 (CET1) ratio: 14.59%.
Dividend and Shareholder Returns
BoM declared a total dividend of ₹2.20 per equity share for FY26 — an interim dividend of ₹1.00 per share (10%, paid with January 2026 record date) plus a proposed final dividend of ₹1.20 per share (12%), subject to shareholder approval at the upcoming Annual General Meeting. The interim dividend record date was 20 January 2026.
Bank of Maharashtra Share Price: What Investors Should Know
Bank of Maharashtra shares (ticker: MAHABANK on NSE; 532525 on BSE) traded around the ₹73 mark in late April 2026, just before the Q4 results were announced. The stock has historically traded at a discount to private bank peers and even to some larger PSU peers, even though BoM’s return metrics are now genuinely best-in-class.
Key Investor Takeaways
• Highest-ever annual net profit of ₹7,019 crore in FY26 — a 27.17% YoY jump.
• RoE of 23.19% — among the highest of any Indian bank, public or private.
• RoA of 1.86% — comfortably higher than the typical PSU bank range of 1.0-1.5%.
• Asset quality is now best-in-class with Gross NPA at 1.45% and Net NPA at 0.13%.
• CASA ratio crossed 50% — a major structural margin advantage.
• Cost-to-income ratio is one of the lowest among Indian PSU banks at 37.08%.
• Capital position is comfortable at 18.36% CRAR with 14.59% CET1.
Brokerages have generally been constructive on BoM through FY26, citing the bank’s strong execution track record and consistent guidance achievement. Management has explicitly stated that they have delivered against every annual guidance parameter and will publish FY27 targets at the start of the next year. As always with banking stocks — especially YMYL-sensitive ones — verify the live share price on NSE/BSE, read the bank’s investor presentation, and ideally consult a SEBI-registered advisor before making any decision. This article is not investment advice.
Subsidiaries, Sponsored Banks and Group Companies
While BoM does not run as sprawling a subsidiary network as SBI or BoB, it does have a few important group entities and historic associations:
• Maharashtra Executor & Trustee Company Pvt Ltd (METCO) — wholly-owned subsidiary established in 1981 for trusteeship, will execution and estate management services.
• The Maharashtra State Co-operative Agriculture & Rural Development Bank Ltd. — formerly sponsored institution; close historical ties.
• Maharashtra Gramin Bank — a Regional Rural Bank sponsored by BoM, serving rural Maharashtra. (Subject to ongoing One State One RRB consolidation moves.)
• Various joint ventures with private partners on bancassurance distribution.
• Approved AMFI mutual fund distribution tie-ups with major asset management companies.
Strengths and Honest Challenges
Where Bank of Maharashtra Genuinely Shines
• Best-in-class asset quality among Indian banks — Gross NPA at 1.45%, Net NPA at 0.13%.
• Industry-leading RoA of 1.86% and RoE of 23.19%.
• CASA ratio crossed 50% — a structural advantage that very few PSU banks enjoy.
• Cost-to-income ratio at 37.08% — among the most efficient in the Indian PSU bank universe.
• Government ownership of around 79.6% provides strong implicit safety for retail customers.
• Provision Coverage Ratio of 98.59% — almost full coverage of bad loans.
• Consistent guidance achievement — management has delivered against every annual target for FY24, FY25 and FY26.
• Strong digital ecosystem led by MahaMobile Plus and chatbot Maha Vakya.
• 90 years of institutional continuity and deep brand recall in Maharashtra — particularly in Pune, Mumbai, Nashik and Nagpur.
Where BoM Has Room to Improve
• Brand recall outside Maharashtra is relatively limited — pan-India visibility lags national PSU peers like SBI, PNB and Canara Bank.
• Overseas presence is minimal compared to BoB, SBI or Bank of India — limits forex and trade-finance fee income.
• Credit card and premium wealth management portfolios trail private peers like HDFC, ICICI and Axis.
• Stock liquidity is lower than larger PSU peers, which can affect institutional investor interest.
• The bank’s past PCA framework period (2017-2019) still occasionally shapes external perceptions, even though the operational reality has changed dramatically.
• Customer service experience at branch level varies between metros and smaller towns — a common PSU bank issue.
How to Open a Bank of Maharashtra Account in 2026
Digital (Fastest)
• Download the MahaMobile Plus app from Google Play Store or Apple App Store.
• Select ‘Open Savings Account’ and complete Aadhaar-based Video KYC.
• Provide PAN, Aadhaar (linked to mobile), and complete biometric verification.
• Account is activated within hours; virtual debit card is issued instantly.
• Physical debit card, passbook and welcome kit arrive by post within a few days.
In-Branch
• Visit your nearest BoM branch using the locator on bankofmaharashtra.bank.in.
• Carry PAN card, Aadhaar (linked to your active mobile number), and recent passport-size photographs.
• Fill the account opening form and submit KYC documents.
• Deposit the minimum balance applicable to your chosen account type (zero for PMJDY and BSBDA accounts).
• Collect your passbook and debit card, and register for SMS alerts, Maha Internet Banking and MahaMobile Plus.
Frequently Asked Questions (FAQ)
Q1. Is Bank of Maharashtra a government bank or a private bank?
Bank of Maharashtra is a public sector bank. The Government of India holds approximately 79.6% of the equity. It was nationalised on 15 April 1969, three months before the broader nationalisation of 14 commercial banks on 19 July 1969.
Q2. Where is Bank of Maharashtra headquartered?
Bank of Maharashtra is headquartered at ‘Lokmangal’, 1501, Shivaji Nagar, Pune, Maharashtra. The bank was founded in Pune in 1935 and has retained its registered office there ever since.
Q3. Who is the current MD and CEO of Bank of Maharashtra?
Shri Nidhu Saxena serves as the Managing Director and CEO of Bank of Maharashtra. Under his leadership, the bank has delivered record financial performance in FY25 and FY26.
Q4. Is BoM safe for deposits?
Yes. As a government-owned scheduled commercial bank regulated by the Reserve Bank of India, BoM is among the safest places for deposits in India. All eligible deposits up to ₹5 lakh per depositor are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC). Additionally, BoM’s asset quality (Gross NPA 1.45%, Net NPA 0.13%) is currently among the best in Indian banking.
Q5. What is the dividend declared by BoM for FY26?
BoM declared a total dividend of ₹2.20 per equity share (face value ₹10) for FY26 — an interim dividend of ₹1.00 per share (paid in January 2026) plus a proposed final dividend of ₹1.20 per share, subject to AGM approval.
Q6. How many branches does Bank of Maharashtra have?
BoM operates more than 2,600 branches across India, with the highest concentration in Maharashtra. The bank has a presence in every state and union territory, supported by a wide ATM, BNA and Business Correspondent network.
Q7. What was BoM’s net profit in FY26?
Bank of Maharashtra reported a full-year net profit of ₹7,019 crore for FY26 — up 27.17% year-on-year from ₹5,520 crore in FY25. Q4 FY26 net profit alone was ₹2,014 crore, up 34.89% YoY.
Q8. Why is Bank of Maharashtra also called Mahabank?
‘Mahabank’ is a popular short form derived from ‘Maharashtra Bank’ and is widely used by the bank itself in branding, products and digital interfaces (e.g., MahaMobile, Maha Internet Banking, Maha Vidya Loan, etc.). The bank’s NSE ticker — MAHABANK — also reinforces this colloquial identity.
Final Thoughts: Why BoM Is Quietly One of India’s Best PSU Banks
There is a saying in Indian banking circles: ‘The best-performing PSU bank is usually the one you don’t read about in the newspapers.’ For the last three financial years, Bank of Maharashtra has fit that description almost perfectly. While headline-grabbing stories about other PSU banks have dominated the financial press, BoM has quietly built an enviable track record — record profits, sector-leading asset quality, CASA ratios above 50%, and a Return on Equity that rivals the best private banks in India.
What makes FY26 particularly noteworthy is that BoM has delivered all of this while staying disciplined on growth. Gross advances grew 21.74%. Deposits grew 14.14%. Net NPA hit a stunning 0.13%. Cost-to-income improved by over 100 basis points. These are not the kind of numbers you typically associate with a 90-year-old PSU bank — they are the kind of numbers you associate with a well-run private bank in its prime growth phase.
For an individual customer, BoM offers what most people genuinely need from a bank — government-backed safety, a competitive savings account, attractive home and personal loan rates, decent FD returns (especially for senior citizens), a respectable mobile banking app, and a branch you can actually walk into for a real conversation. For an investor, the FY26 metrics make a compelling case for serious due diligence, though execution discipline and liquidity considerations remain watchpoints. Either way, this Pune-born bank deserves a more careful look than the casual coverage it usually gets. This guide was built to provide exactly that.